Metaverse Token SAND Surges 55%, Highest Daily Transaction Count Since November 23

SAND, the token powering the metaverse platform The Sandbox, has seen a meteoric rise, surging 55% in the past 24 hours. This performance far outpaces leading

SAND, the native token of the metaverse platform The Sandbox, has surged by an impressive 55% within the past 24 hours, outperforming leading assets like Bitcoin and Ethereum, which each saw a gain of only 1% during the same period. This meteoric rise comes amid a massive surge in trading volume, which soared past $1.91 billion, marking an increase of over 500% in 24 hours.

According to CryptoQuant's data, the daily count of SAND transactions has soared over the past few days. To put this into perspective, on November 23, there were 2,940 transactions involving SAND, which is the highest count over the past seven days.

This is a bullish signal for the metaverse-based token because a surge in an asset's transaction count indicates increased activity and interest. It signals higher demand and participation by market participants. Also, it suggests growing confidence in SAND's price, potentially driving it further upward.

Moreover, there has been a significant increase in exchange withdrawals for SAND. As per CryptoQuant's data, the token's exchange withdrawal transactions today total 877, which is its single-day highest since June 2023.

The exchange withdrawing transaction metric tracks the number of cryptocurrency withdrawals from exchanges. A spike in this metric indicates that investors are moving their assets off exchanges. This is a bullish signal, suggesting increased confidence and a potential long-term holding trend.

On the daily chart, SAND is trading at $0.61, a level last seen in April. Its price currently sits below the resistance at its cycle peak of $0.66. If bullish momentum strengthens, SAND could rally toward this peak and reclaim it.

Conversely, if bullish sentiment wanes and selling pressure strengthens, the SAND token price may plunge toward support at $0.56, invalidating this bullish outlook.